Another Shoden fillip for Faritec

Johannesburg, 30 Jul 2009

Embattled Faritec Holdings has received a boost with the appointment of Fanie van Rensburg as CEO from next month.

Van Rensburg joins the JSE-listed IT solutions and services company from Shoden Data Systems, which has taken a majority stake in Faritec for R29 million. Shareholders also invested R20 million in the company after an issue of shares.

Earlier this month, the group appointed a financial director, Arvind Kumar Gupta, who replaces Tshidi Nyembe, who quit in April. Nyembe's resignation was followed by that of CEO Simon Tomlinson as the company's financial future came under scrutiny.

Chairman Chris Jardine, who has been guiding Faritec's turnaround strategy and corporate restructuring over the past few months, says the company's leadership is now back to full strength. Jardine will return to his role as non-executive chairman.

Faritec has spent the past six to nine months cleaning up its operations, he says. It has tidied up costs, and the company is now stabilised. Jardine says Van Rensburg's appointment will give the market certainty about the company and its future.

Jardine says there is a pipeline of projects that Faritec expects to translate into profit, followed by more business. “We've put the darkness behind us and now are looking forward to the light with eagerness.

“We are confident that under Fanie's leadership, Faritec will be able to grow off its re-established base,” he adds.

Van Rensburg was MD of Shoden, which he co-founded nine years ago. He has 35 years of experience in the IT industry, having previously worked at ICL and Persetel.

The companies will remain independent of each other and Van Rensburg will resign all his responsibilities with Shoden before joining Faritec.

“Although Shoden is now Faritec's majority shareholder, it has always been our intention to keep the companies independent of each other,” explains Van Rensburg.